Mari Petroleum Company Limited (MARI) netted healthy profits in the first quarter of the ongoing fiscal year (1QFY23), registering a 5% increase year-on-year. MARI has been ranked third among the oil and gas exploration companies listed on the Pakistan Stock Exchange (PSX) based on its market capitalisation. Primarily engaged in the business of exploration and production of hydrocarbons, the current market value of MARI is around R30 billion.
MARI - 1QFY23 Financial Performance
The company reported an increase in net profit after taxation and earnings per share (EPS) in its interim financial statements for 1QFY23.
During the first quarter of FY23, MARI earned 40% of net profit over its net sales value. This led to the earnings per share of Rs95.31 apiece. Compared to the same quarter of FY22, the company’s profits in 1QFY23 accelerated from 35% to 40%. However, when compared to the 1QFY22, net profits remained low by 4%. Whereas, EPS value in 1QFY23 was higher by 27.10 units than the one in the 1QFY22.
Share Market Price Analysis – 1QFY23 VS 1QFY22
During the first quarter of FY23, MARI saw its share price go down from Rs1,746.82 to Rs1,564.81. During the period under review, the highest value of market share hit on July 14, 2022 with the value of Rs1,770.29. Whereas the lowest held share value was Rs1,540.80. From the trend analysis in 1QFY23, the share price of MARI seems sensitive. Declining trend in the share price is not continuous. Rapid revivals can be seen after a short period of value dips. Overall, MARI lost Rs182.01 a share.
Share price fluctuation in the same quarter of last year was also observed. In the 1QFY22, the share price fluctuation was irregular and highly sensitive. Price recession at the start of the quarter was boosted later on. The highest hit of a share price was Rs1,571.74 on September 6, 2021. The lowest recorded share price in 1QFY22 was Rs1,480.55.
In nutshell, MARI had a slightly improved picture overall in 1QFY23. In comparison to the same quarter of FY22, short-term fluctuations in stock price are lesser than in 1QFY23. However, in the longer run, declining trend has ruled and company stock prices also showed irregular ups and downs. From the preceding quarter, profits and the EPS went up in value in 1QFY23.
Credit : Independent News Pakistan-WealthPk